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Tracy Company, a manufacturer of air conditioners, sold 180 units to Thomas Company on November 17, 2021. The units have a list price of $500 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system.

Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit November 17, 2021 Accounts receivable 67,500 Sales revenue 67,500 2 November 26, 2021 Cash 67,500 Accounts receivable 66,150 Interest expense 1,350